(A)
The
public employees retirement board shall have prepared annually by or under the
supervision of an actuary an actuarial valuation of the pension assets,
liabilities, and funding requirements of the public employees retirement system
as established pursuant to this chapter. The actuary shall complete the
valuation in accordance with actuarial standards of practice promulgated by the
actuarial standards board of the American academy of actuaries and prepare a
report of the valuation. The report shall include all of the following:

(1)
A summary of the benefit provisions evaluated;

(2)
A summary of the census data and financial information used in the
valuation;

(3)
A
description of the actuarial assumptions, actuarial cost method, and asset
valuation method used in the valuation, including a statement of the assumed
rate of payroll growth and assumed rate of growth or decline in the number of
members contributing to the retirement system;

(4)
A summary of findings that includes a statement of the actuarial accrued
pension liabilities and unfunded actuarial accrued pension
liabilities;

(5)
A
schedule showing the effect of any changes in the benefit provisions, actuarial
assumptions, or cost methods since the last annual actuarial
valuation;

(6)
A
statement of whether contributions to the retirement system are expected to be
sufficient to satisfy the funding objectives established by the board.

The board shall submit
the report to the Ohio retirement study council, the
director of budget and management, and the standing committees of the
house of representatives and the senate with primary responsibility for
retirement legislation immediately upon its
availability and not later than the first day of September following the
year for which the valuation was made.

(B)
At such time as the public employees retirement board determines, and at least
once in each five-year period, the board shall have prepared by or under the
supervision of an actuary an actuarial investigation of the mortality, service,
and other experience of the members, retirants, contributors, and beneficiaries
of the system to update the actuarial assumptions used in the actuarial
valuation required by division (A) of this section. The actuary shall prepare a
report of the actuarial investigation. The report shall be prepared and any
recommended changes in actuarial assumptions shall be made in accordance with
the actuarial standards of practice promulgated by the actuarial standards
board of the American academy of actuaries. The report shall include all of the
following:

(1)
A summary
of relevant decrement and economic assumption experience observed over the
period of the investigation;

(2)
Recommended changes in actuarial assumptions to be used in subsequent actuarial
valuations required by division (A) of this section;

(3)
A measurement of the financial effect of the recommended changes in actuarial
assumptions.

The board shall submit
the report to the Ohio retirement study council and the standing committees of
the house of representatives and the senate with primary responsibility for
retirement legislation not later than the first day of November following the
last fiscal year of the period the report covers.

(C)
The board may at any time request the actuary to make any studies or actuarial
valuations to determine the adequacy of the contribution rate determined under
section 145.48 of the Revised Code, and those rates may be adjusted by the
board, as recommended by the actuary, effective as of the first of any year
thereafter.

(D)
The board shall have prepared by or under the
supervision of an actuary an actuarial analysis of any introduced legislation
expected to have a measurable financial impact on the retirement system. The
actuarial analysis shall be completed in accordance with the actuarial
standards of practice promulgated by the actuarial standards board of the
American academy of actuaries. The actuary shall prepare a report of the
actuarial analysis, which shall include all of the following:

(1)
A summary of the statutory changes that are being evaluated;

(2)
A description of or reference to the actuarial assumptions and actuarial cost
method used in the report;

(3)
A description of the participant group or groups included in the
report;

(4)
A
statement of the financial impact of the legislation, including the resulting
increase, if any, in the employer normal cost percentage; the increase, if any,
in actuarial accrued liabilities; and the per cent of payroll that would be
required to amortize the increase in actuarial accrued liabilities as a level
per cent of covered payroll for all active members over a period not to exceed
thirty years;

(5)
A
statement of whether the scheduled contributions to the system after the
proposed change is enacted are expected to be sufficient to satisfy the funding
objectives established by the board.

Not later than sixty
days from the date of introduction of the legislation, the board shall submit a
copy of the actuarial analysis to the legislative service commission, the
standing committees of the house of representatives and the senate with primary
responsibility for retirement legislation, and the Ohio retirement study
council.

(E)
The board shall have prepared annually a report giving a full accounting of the
revenues and costs relating to the provision of benefits under sections 145.58
and 145.584 of the Revised Code. The report shall be made as of December 31,
1997, and the thirty-first day of December of each year thereafter. The report
shall include the following:

(1)
A
description of the statutory authority for the benefits provided;

(2)
A summary of the benefits;

(3)
A summary of the eligibility requirements for the benefits;

(4)
A statement of the number of participants eligible for the benefits;

(5)
A description of the accounting, asset valuation, and funding method used to
provide the benefits;

(6)
A statement of the net assets available for the provision of the benefits as of
the last day of the fiscal year;

(7)
A statement of any changes in the net assets available for the provision of
benefits, including participant and employer contributions, net investment
income, administrative expenses, and benefits provided to participants, as of
the last day of the fiscal year;

(8)
For the last six consecutive fiscal years, a schedule of the net assets
available for the benefits, the annual cost of benefits, administrative
expenses incurred, and annual employer contributions allocated for the
provision of benefits;

(9)
A description of any significant changes that affect the comparability of the
report required under this division;

(10)
A statement of the amount paid under division (C) of section 145.58 of the
Revised Code.

The board shall submit
the report to the Ohio retirement study council, the
director of budget and management, and the standing committees of the
house of representatives and the senate with primary responsibility for
retirement legislation immediately upon its
availability and not later than the thirtieth day of June following the
year for which the report was made.